Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Jan. 25, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Clearfield, Inc. | |
Entity Central Index Key | 796,505 | |
Trading Symbol | clfd | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 13,817,859 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 20,453,030 | $ 18,536,111 |
Short-term investments | 5,385,150 | 5,937,150 |
Accounts receivables, net | 5,570,721 | 7,237,641 |
Inventories | 8,140,384 | 8,453,567 |
Other current assets | 939,326 | 978,933 |
Total current assets | 40,488,611 | 41,143,402 |
Property, plant and equipment, net | 5,201,901 | 5,434,172 |
Other Assets | ||
Long-term investments | 20,357,000 | 19,816,000 |
Goodwill | 2,570,511 | 2,570,511 |
Other | 552,331 | 529,952 |
Total other assets | 23,479,842 | 22,916,463 |
Total Assets | 69,170,354 | 69,494,037 |
Current Liabilities | ||
Accounts payable | 1,205,223 | 1,739,791 |
Accrued compensation | 1,443,883 | 2,410,026 |
Accrued expenses | 98,569 | 93,304 |
Total current liabilities | 2,747,675 | 4,243,121 |
Other Liabilities | ||
Deferred taxes | 60,076 | 444,076 |
Deferred rent | 279,642 | 281,720 |
Total other liabilities | 339,718 | 725,796 |
Total Liabilities | 3,087,393 | 4,968,917 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding | ||
Common stock, authorized 50,000,000, $.01 par value; 13,824,191 and 13,812,821, shares issued and outstanding at December 31, 2017 and September 30, 2017 | 138,242 | 138,128 |
Additional paid-in capital | 56,021,457 | 55,406,888 |
Retained earnings | 9,923,262 | 8,980,104 |
Total Shareholders’ Equity | 66,082,961 | 64,525,120 |
Total Liabilities and Shareholders’ Equity | $ 69,170,354 | $ 69,494,037 |
Condensed Balance Sheets (Curr3
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2017 | Sep. 30, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 13,824,191 | 13,812,821 |
Common stock, shares outstanding (in shares) | 13,824,191 | 13,812,821 |
Condensed Statements of Earning
Condensed Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 16,866,884 | $ 18,266,162 |
Cost of sales | 9,758,477 | 11,057,442 |
Gross profit | 7,108,407 | 7,208,720 |
Operating expenses | ||
Selling, general and administrative | 6,463,971 | 6,017,524 |
Income from operations | 644,436 | 1,191,196 |
Interest income | 95,722 | 52,734 |
Income before income taxes | 740,158 | 1,243,930 |
Income tax (benefit) expense | (203,000) | 367,000 |
Net income | $ 943,158 | $ 876,930 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.07 | $ 0.06 |
Diluted (in dollars per share) | $ 0.07 | $ 0.06 |
Weighted average shares outstanding: | ||
Basic (in shares) | 13,443,945 | 13,567,484 |
Diluted (in shares) | 13,476,417 | 13,790,793 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 943,158 | $ 876,930 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 436,198 | 388,625 |
Deferred taxes | (384,000) | |
Loss on disposal of assets | 1,594 | |
Stock based compensation | 483,287 | 593,746 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,666,920 | 548,293 |
Inventories | 313,183 | (341,490) |
Other assets | 41,706 | 228,259 |
Accounts payable, accrued expenses and deferred rent | (1,497,524) | (2,899,667) |
Net cash provided by (used in) operating activities | 2,004,522 | (605,304) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and intangible assets | (229,999) | (529,302) |
Purchases of investments | (2,466,000) | (7,440,000) |
Proceeds from maturities of investments | 2,477,000 | 2,459,000 |
Net cash used in investing activities | (218,999) | (5,510,302) |
Cash flows from financing activities | ||
Repurchases of common stock | (10,850) | |
Proceeds from issuance of common stock under employee stock purchase plan | 148,259 | 169,500 |
Proceeds from issuance of common stock upon exercise of stock options | 3,249 | 17 |
Tax withholding related to vesting of restricted stock grants | (9,262) | (10,326) |
Net cash provided by financing activities | 131,396 | 159,191 |
Increase (decrease) in cash and cash equivalents | 1,916,919 | (5,956,415) |
Cash and cash equivalents, beginning of period | 18,536,111 | 28,014,321 |
Cash and cash equivalents, end of period | 20,453,030 | 22,057,906 |
Supplemental disclosures for cash flow information | ||
Cash paid during the year for income taxes | 2,500 | 12,250 |
Non-cash financing activities | ||
Cashless exercise of stock options | $ 5,782 | $ 32,984 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1. The accompanying (a) condensed balance sheet as of September 30, 2017, three December 31, 2017 not These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10 September 30, 2017. In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive. The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three December 31, 2017 2016: Three Months Ended December 31, 2017 2016 Net income $ 943,158 $ 876,930 Weighted average common shares 13,443,945 13,567,484 Dilutive potential common shares 32,472 223,309 Weighted average dilutive common shares outstanding 13,476,417 13,790,793 Net income per common share: Basic $ 0.07 $ 0.06 Diluted $ 0.07 $ 0.06 |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Investments | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 3. The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not five three one one The maturity dates of the Company’s CDs as of December 31, 2017 September 30, 2017 December 31, September 30, Less than one year $ 5,385,150 $ 5,937,150 1-5 years 20,357,000 19,816,000 Total $ 25,742,150 $ 25,753,150 |
Note 4 - Stock Based Compensati
Note 4 - Stock Based Compensation | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 4. The Company recorded $483,287 three December 31, 2017 $441,257 $42,030 $593,746 three December 31, 2016 $539,046 $54,700 December 31, 2017, $4,431,952 6.8 There were no three December 31, 2017 December 31, 2016. three December 31, 2017: Number of options Weighted average exercise price Outstanding as of September 30, 2017 38,950 $ 2.79 Granted - - Exercised (3,500 ) 2.58 Cancelled or Forfeited - - Outstanding as of December 31, 2017 35,450 $ 2.81 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of December 31, 2017, 2.5 $334,810. three December 31, 2017, $3,249 three December 31, 2016, 10,000 $17 Restricted Stock The Company’s 2007 one ten There were no three December 31, 2017 December 31, 2016. three December 31, 2017 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2017 370,530 $ 15,24 Granted - - Vested (2,000 ) 13.59 Forfeited (4,376 ) 15.46 Unvested as of December 31, 2017 364,154 $ 15.25 Employee Stock Purchase Plan Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may may no 85% one six January 1 July 1 December 31, 2017 December 31, 2016, 14,242 11,144 $10.41 $15.21 December 31, 2017, 103,013 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5. Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not December 31, 2017 September 30, 2017, $79,085 See Note 7, |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6. Inventories consist of the following as of: December 31, 2017 September 30, 2017 Raw materials $ 6,012,095 $ 5,991,863 Work-in-progress 431,495 724,248 Finished goods 1,696,794 1,737,456 Inventories $ 8,140,384 $ 8,453,567 During the quarter ended December 31, 2017, 2015 11, Inventory (Topic 330 first no not |
Note 7 - Major Customer Concent
Note 7 - Major Customer Concentration | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7. The following table summarizes customers comprising 10% three December 31, 2017 December 31, 2016: Three Months Ended December 31, 2017 2016 Customer A 22% 28% Customer B 12% 14% As of December 31, 2017, 15% 14% September 30, 2017, 19% |
Note 8 - Goodwill and Patents
Note 8 - Goodwill and Patents | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8. The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth September 30, 2017 not December 31, 2017, no The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not 20 December 31, 2017, 12 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9. For the three December 31, 2017, $203,000, 27.4%. 2017 December 22, 2017. January 1, 2018 December 31, 2017 three 2018. first one $384,000 December 31, 2017 December 31, 2017. may may As of December 31, 2017 September 30, 2017, $191,000 $159,000, not $32,000 December 31, 2017. no December 31, 2017. For the three December 31, 2016, $367,000, 29.5%. Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” As of December 31, 2017, not not 12 |
Note 10 - Accounting Pronouncem
Note 10 - Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 10. Recent Accounting Pronouncements In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, second third 2018 two not 2018. In February 2016, 2016 02, Leases 12 December 15, 2018, In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. not |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, 2017 2016 Net income $ 943,158 $ 876,930 Weighted average common shares 13,443,945 13,567,484 Dilutive potential common shares 32,472 223,309 Weighted average dilutive common shares outstanding 13,476,417 13,790,793 Net income per common share: Basic $ 0.07 $ 0.06 Diluted $ 0.07 $ 0.06 |
Note 3 - Cash, Cash Equivalen17
Note 3 - Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, September 30, Less than one year $ 5,385,150 $ 5,937,150 1-5 years 20,357,000 19,816,000 Total $ 25,742,150 $ 25,753,150 |
Note 4 - Stock Based Compensa18
Note 4 - Stock Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of options Weighted average exercise price Outstanding as of September 30, 2017 38,950 $ 2.79 Granted - - Exercised (3,500 ) 2.58 Cancelled or Forfeited - - Outstanding as of December 31, 2017 35,450 $ 2.81 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2017 370,530 $ 15,24 Granted - - Vested (2,000 ) 13.59 Forfeited (4,376 ) 15.46 Unvested as of December 31, 2017 364,154 $ 15.25 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 September 30, 2017 Raw materials $ 6,012,095 $ 5,991,863 Work-in-progress 431,495 724,248 Finished goods 1,696,794 1,737,456 Inventories $ 8,140,384 $ 8,453,567 |
Note 7 - Major Customer Conce20
Note 7 - Major Customer Concentration (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended December 31, 2017 2016 Customer A 22% 28% Customer B 12% 14% |
Note 2 - Net Income Per Share -
Note 2 - Net Income Per Share - Net Income Per Common Share (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 943,158 | $ 876,930 |
Weighted average common shares (in shares) | 13,443,945 | 13,567,484 |
Dilutive potential common shares (in shares) | 32,472 | 223,309 |
Weighted average dilutive common shares outstanding (in shares) | 13,476,417 | 13,790,793 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.07 | $ 0.06 |
Diluted (in dollars per share) | $ 0.07 | $ 0.06 |
Note 3 - Cash, Cash Equivalen22
Note 3 - Cash, Cash Equivalents and Investments (Details Textual) | 3 Months Ended |
Dec. 31, 2017 | |
Maximum [Member] | |
Held-to-maturity Securities, Investment Term | 5 years |
Note 3 - Cash, Cash Equivalen23
Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Less than one year | $ 5,385,150 | $ 5,937,150 |
1-5 years | 20,357,000 | 19,816,000 |
Total | $ 25,742,150 | $ 25,753,150 |
Note 4 - Stock Based Compensa24
Note 4 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 483,287 | $ 593,746 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,431,952 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 years 292 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 334,810 | |
Proceeds from Stock Options Exercised | $ 3,249 | $ 17 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 3,500 | 10,000 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date | 85.00% | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,242 | 11,144 |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price | $ 10.41 | $ 15.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 103,013 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ||
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 |
Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | $ 441,257 | $ 539,046 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | $ 42,030 | $ 54,700 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Options, outstanding (in shares) | 38,950 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 2.79 | |
Exercised (in shares) | (3,500) | (10,000) |
Exercised (in dollars per share) | $ 2.58 | |
Options, outstanding (in shares) | 35,450 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 2.81 |
Note 4 - Stock-based Compensa26
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Balance, unvested shares (in shares) | shares | 370,530 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 1,524 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (2,000) |
Vested (in dollars per share) | $ / shares | $ 13.59 |
Forfeited (in shares) | shares | (4,376) |
Forfeited (in dollars per share) | $ / shares | $ 15.46 |
Balance, unvested shares (in shares) | shares | 364,154 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 15.25 |
Note 5 - Accounts Receivable (D
Note 5 - Accounts Receivable (Details Textual) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 79,085 | $ 79,085 |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventory (Details) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Raw materials | $ 6,012,095 | $ 5,991,863 |
Work-in-progress | 431,495 | 724,248 |
Finished goods | 1,696,794 | 1,737,456 |
Inventories | $ 8,140,384 | $ 8,453,567 |
Note 7 - Major Customer Conce29
Note 7 - Major Customer Concentration (Details Textual) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Customer A [Member] | ||
Concentration Risk, Percentage | 15.00% | |
Customer B [Member] | ||
Concentration Risk, Percentage | 14.00% | 19.00% |
Note 7 - Major Customer Conce30
Note 7 - Major Customer Concentrations - Customers Comprising 10% or More of Net Sales (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Customer A [Member] | |||
Concentration Risk, Percentage | 22.00% | 28.00% | |
Customer B [Member] | |||
Concentration Risk, Percentage | 12.00% | 14.00% | [1] |
[1] | Less than 10% |
Note 8 - Goodwill and Patents (
Note 8 - Goodwill and Patents (Details Textual) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Number of Patents Granted | 12 | |
Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Income Tax Expense (Benefit) | $ (203,000) | $ 367,000 | |
Effective Income Tax Rate Reconciliation, Percent | 27.40% | 29.50% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (384,000) | ||
Unrecognized Tax Benefits | 0 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Valuation Allowance | 191,000 | $ 159,000 | |
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 32,000 |